A run down of the tax changes from 5 April 2016

Author: Russell Smith
November 26, 2015

Here’s a run down of the tax changes from 5 April 2016 following the summer budget and the Autumn statement:

Corporation tax

Still 20%. 19% from 6 April 2017. 18% from 6 April 2010.

Income tax

All the same – 20% basic rate, 40% higher rate, 45% top rate

Personal allowance (0% tax band)

Now £10,600. From 6 April 2016, £11,000. £11,200 from 6 April 2017.

40% income tax threshold

£42,385 at the moment. £43,000 from 6 April 2016, £43,600 from 6 April 2017.

Capital gains

The same – 18% basic rate, 28% higher rate

New dividend tax from 6 April 2016

First £5,000 free of tax, next £38,000 7.5% tax (basic rate), higher rate- 32.5% (going to 38.1% for top rate)

VAT – still 20%

For any clarification, feel free to email me at russell@rsaccountancy.co.uk

0113 394 4616

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